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  FOX News    Your World With Neil Cavuto    News/Business. Money tips  
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    September 21, 2010
    4:00 - 5:00pm EDT  

to do something about the economy and it went up. now flat again. neil cavuto, what does this mean? >>neil: no idea. but i have heard better late than never. but early and it is over. welcome, i am neil cavuto and the house packing up. majority leader denies it but reports persist that house members could get out of washington, dc by the end of the week, more time to campaign for jobs that look in jeopardy even if that means extending the bush tax cuts is in bigger jeopardy. no wonder south carolina republican is worried, and speaking out here. senator, what do you make of this? >> they are in trouble. and a policy after another by the democrats not going well with the american people. the fact is, jobs and the economy are top on america's list right now and they are
playing games in the house of representatives and the senate and have done nothing to help get people back to work. >>neil: senator, if they leave early, and i believe hoyer said it would not be three weeks early, but if they leave early and this is unresolved, it will happen in a lame duck session deciding this bush tax cut thing or not, then what? >>guest: lame duck will be important but they do not understand what they are doing to businesses. businesses right now are making decisions, hiring decisions, about next year, whether to expand, and right now they have to assume the taxes will go up, health care costs, probably their energy costs, so this does not look well for the democrats if this election and it is not few for america. they just don't understand economics, they can't pass something in a lame duck and expect it to actually play next year. it could take months before businesses respond.
>>neil: but they could do it in lame duck, they could pull it off and it would be more likely for a lame duck session to pull it off before leaving, right? >> you are right, they could pass it. but the impact on the economy is likely to be notch delayed. businesses are making decisions now, and they are moving revenue into this year, where they can, because they believe it will be taxed at a lower rate. and they are not investing in the infrastructure and the people to build the economy next year. businesses do not acts like politicians. they do not do things a week or month at a time. this has been very irresponsible considering the top priority was supposed to be jobs and the economy. >>neil: and the polls for christine o'donnell do not look good but she is just out the gate.
>> what do we need in washington? we do in the need washington career politicians. >> crd ready is not afraid to stand up to the party bosses. >>neil: it is early. but, senator, she is down a dozen points and it could change ... but, semi- is in the deep hole right now. >> she is. unfortunately her primary is late and we do not have a lot of time to make up ground but what has happened over the last several months, all of the negative ads, millions of dollars spend, directed at christine, and not focused on the opponent but he is a candidate who referred to himself as a marxist and raised taxes three times in his position, and the fact is, if you look at the polls, the people of delaware agree with
christine o'donnell and if we can get that message out, i think she still has a good shot at winning. >>neil: you were an early backer of her for the so-called established republican party and they were withholding votes and now they say they will support christine o'donnell but it is not exactly with hugs and kisses and is that wrong or are they grudgingly rallying and her. >>guest: i just met with john cornyn, chairman of our senate committee that supports candidates, and he is fully behind her. >>neil: he wasn't on election night. >>guest: he was, some staff member said something that became a national issue before he could bat it down, but, i support all of our republican candidates and so does senator mcconnell and corn in. we are united around our candidates and we have the
energy of the grass roots movement across the country right now so we are together. and the tea party has done more to energize the party and our candidates embrace what is happening in this country and the fact is, the democrats cannot embrace anything that talks about less spending and debt or less government take overs because that is what their agenda has been. >>neil: not everyone is embracing it in your party. accept america ski in -- senator murkowski in alaska is open to a write in, and that could divide the vote. i spoke to joe miller on fox business and senator, if you do not get it you should demand, but the point was, he said that he is willing to take on anyone and much and did not think she would divide the vote. >>guest: the polls she her 20
points behind joe miller and i think the people of alaska know they have spoken, and now lisa is not playing by the rules, she is switching party as a lot of moderates have done. what this is showing is the people would really want a big republican party are conservatives. when the moderates can in the win they change parties. i don't think the people of alaska or pennsylvania or florida appreciate that. we have a lot going for us. joe miller will be senator miller. this time next year. i assure you. he is a great candidate but a great senator he will be. >>neil: you have been very quiet king maker. you do not get the publicity of others but i have checked your record the, the record. >> and have you been looking at the markets lately? it is weird. it is rising with every democrat locked down in favor of
extending the bush tax cuts starting september 3rd when democratic congressman toll us on this very show that now is not the time to hike taxes on anyone. a week later, we had virginia senator webb joining the chorus and on the 13th, more determines circulated a letter in the house of representatives demanding the same. and two days later, 31 more democrats joining that band wagon. and then new jersey congress plan saying they do not go far enough. the more they piled on, the more the dow gained and to date, 7 percent for the month. the tax tush -- tax turn around on the democrats was not what was causing it. now what? >>guest: there is a real relationship in your chart.
as you know, the capital gains tax is highly related to stock values. if you raise the capital gains tax, stocks go down and if you cut the values go up. remember what happened in may of 2003 when president bush signed the cut, we had a bounce in the market. there is something to the chart. the more democrats say, we should extend the tax cuts for everyone, that is good for markets. >>neil: the argument is you buy on the rumor and you sell on the fact but what if the fact does not happen? what if this cut in taxes they are looking forward to, or keeping the way they are, never materializes? >>guest: i have asked investors that. what is the market perception of what the capital gains and dividend tax will be? you ask 100 people you get 50
say it is cut and 50 say it will stay where it is. so, there is a lot of uneasiness in the market and the betting now is the democrats and president obama are not going to allow the tax rates to stay where they are and they will rise next year which is bad for stocks. let me give you a simple example: assume you had 100 percent capital gains tax. it is obvious with 100 percent capital gains tax, stocks have zero value because after tax return is zero and when you raise it you reduce the value of owning stocks and i say the same about dividends, did not forget those are direct taxes on stock ownership. i don't if you own dividend paying stocks but i do and if that goes back up to 40 percent there will not be a lot of companies sending out clocks next year. >>neil: and saying nothing about income changing or not.
what will happen in a lame duck session? >>guest: first they have to do something about the budget, pass that. and second, there is stalk scaring everyone about trying to do a cap and trade energy tax which frightens me. and third issue is what will happen with the tax cuts. the democrats will make a play to try to only extend the tax cuts for the middle-class and not higher income people. the votes are not there today. why would they would be later? so it is gridlock. the democrats have had six years, six years, to fix this problem and two or three months away and no one knows what will happen. it is incompetence by this congress we have in the resolved this issue. >>neil: it is a late nighter. thank you my friend. did anyone catch this?
the lay is stopped. spiderman is tripped up before being tackled. if you really want to tackle the issue head to the "your world" website. [ lisa ] my nams lisa, and i smoked for 29 years.
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♪ with the chantix and with the support system, it worked for me. [ male announcer ] talk to your doctor about chantix. find out how you can save money on your prescription and learn terms and conditions at >>neil: someone out there gave the tea party patriots $1 million after democrats accused them of being backed by fat cats. we do not know who the donor is
but we will find how they will spend that money. mark, first of all, do you know who gave the money? >> yes. >>neil: will you trillion me? >> no. >>neil: why not? >>guest: they asked for anonymity and we are willing to keep that anonymity. >>neil: is it a he. >>guest: i cannot give you more details than already. >>neil: a business person? >>guest: no more details. the truth is, this is what the donor asked for. we honor their request. >>neil: but the wrap against tea parties will be that bill clinton is right, all the fat cats are financing them. >>guest: they have said all sorts of things about us that are not true for 19 months so we are used to that. the money is going to go to the local coordinators and the local
tea party groups on the ground and they will use it to promote our core values of fiscal responsibility, constitutionally limited government and free markets. >>neil: is the money targeted for specific races or just generic national approach? >>guest: not targeted at specific races but specifically not to be used, a restriction not to be used in a direct election but aimd at helping them on the ground. the specific donor request in keeping with our mission, we did not endorse candidates or get involved in election races. >>neil: but one of your candidates, christine o'donnell in delaware is hurting, is there temptation on the part of the tea party moolt, and i know you are a diverse group, to help her or provide more funding for her race? or let her be? >>guest: the local groups on the ground, it is up to them. we do not endorse candidates.
so christine o'donnell is not a tea party candidate from tea party patriots. >>neil: i don't understand the difference. she campaigned as a tea party and they liked her and backed her and wanted her to win. i don't understand. >>guest: the patriots specifically do not endorse candidates. our local coordinators have asked us to focus on core values, we think it is better to educate americans and inform of our values and let them make the best decision for who they should vote for. >>neil: is this the first time nip has given this much money in a single check to the movement? >>guest: it s our average donation runs $80 so this is truly extraordinary and money again intended to help the local group the way we have always worked focus on the local
coordinators on the growfnd. this will help them get the message out. >>neil: did the donor hint of other money that could come from other donors? >>guest: it is not a question we asked. when someone gives you this money to help the people we care about, the local coordinators, you do not ask, you just say "thank you," and live up to the conditions. >>neil: you did not have to ask, right, sometimes that person would say there is more. >>guest: it has not column, if it did come up, we would, i am sure, if the conditions were appropriate, we would welcome it. >>neil: bottom line, do you think this makes the tea party look like an establishment party as a result which could be good or bad. mark? >>guest: if you look at how the money is spent there is no establishment party that will go out and trust the folks on the ground to make the decision on
how this money is spent so establishment parties are working from the top down and that is the opposite of how we work. it does not make us look like that. >>neil: do you think this is what the family has to do? ?oard, play the game you have to have money to play, and tea party has been incredible at the grass roots level, $10 and $20 donations at a time but to graduate to the big leagues, this is what it takes? >>guest: people in washington, dc, they judge things differently than the rest of the country. they judge in terms of dollars and in terms of votes. the rest of the country, their pockets are hurting, and the economy is hurting and they want the government to take care of the problems and preclaim our founding principles. >>neil: thank you, guys. i tried to get it out of you. @=
>>neil: and apple, the i touch, iphone, they hit an all time high today at $283.70 a share. the year low was $180. around that. it is already surged 35 percent this year. remember back in the fall of 2008, the great financial meltdown? this stock was melting down like everything else and it dipped under $90 a share. if you hung on to it then, you would have more than tripled your money since then. and of course, did you that, didn't you?
you didn't? amazing. thought i would pass that along. today, democrats plan to add the pro immigration dream act to the defense spending bill and hit a law. the sft majority leader vowing not to give up. i want everyone to know we will vote on the dream act. >>neil: that allows illegal kids to get citizenship if they join the military or go to college but it is not just for kids says the congressional reporter. they are trying to get something by us? >>reporter: they are trying to pass the dream act which would allows, depending on which version, in the senate, there is a 35-year-old age limit to be able to qualify for the benefits which would allow instate tuition, allow the children of those coming before, of the illegal aliens to come before
age 15, to get instate tuition. the house does not set an age limit but broader point is that it would allow the children, through this, to bring parents, family, and give them all legal status, so it is not just for children of illegal aliens. >>neil: don't you have to prove you are, the child, american born, say i am illegal alien, in other words, there has to be a way to prove it? >>reporter: a key words being undocumented when you talk of illegal aliens, so it is really difficult to prove these sorts of things and it gives those children or adults when you speak of 35 and no age limit it gives them a leg up, status in front those would have come here legally and in front of american children who are now competing with all of the folks for the limited finite number of jobs,
finite number of slots to go to college. >>neil: in other words this is for people up to 35-year-olds? >>reporter: this is for those who came here before the age of 15. >>neil: my point so to sell it on the notion you are protecting anchor babies is wrong? this lets everyone in? >>reporter: this is for those would came here before the age of 15. it is not limited to people who were actually born here, as children of illegal aliens. >>neil: it is going nowhere fast. with senator reid attaching it to the defense authorization bill failed to get the necessary votes. he is not done. >>guest: he is not done. he has a very, very large union contingent in nevada. that is the service employees international union.
in nevada. and it is electioneering for the unions and the core democrat vote because he is in big trouble. he cannot pull above 45 or 46 in the latest follow news poll so he is in a lot of trouble. >>neil: thank you. good to have you. forget dream act, a pollster says this could be look pore like a nightmare. it is interesting, you have first of all, lady gaga advising harry reid to repeal "don't ask, don't tell" in the bill without ... >>neil: someone i would want on my team. >>guest: my granddaughter's love her but i would not take her advice on this but reid wants the dream act for the reasons connie said about politics in nevada but the democrats are running in elections, they are worried about colleagues screaming what are you doing?
why are you raising things to make people upset? the immigration issue is not, the public is dug in on this. speaking of digging in. >>neil: why do they care? planting seeds for something bigger? >>guest: i guess he is on his own. i did his first campaign. i think the pod people got him. the arrogance of his position, of do this, and democrats are saying, why are you making a voting issue. immigration people are angry. not voting on it because there is nothing bad in there. >>neil: but there is a message do what we can while we are in the majority and maybe we can finish it in the lame duck session and get what we can cram in. >>guest: you can try that. the problem is, everything you do like this without debate, and remember, this is part of the problem here. >>neil: maybe they have given up on 2010?
>>guest: then you better inform those who are breaking their necks trying to save themselves. this is a problem. there is a part of philosophy, and henry waxman getting rid of the blue dogs, but it is more than blue dogs. the problem here, i am wondering, do they care? or care about the agenda. there will be political retribution. the public, the reason they are angry is not just the policies but how it is drop. no debate. last minute attaching to the bill. >>neil: that is how they could pursue the tax thing? in lame duck. >>guest: yes. >>neil: but they would having in to lose? >>guest: if they can get the votes but remember november 3rd, several senate seats where there are appointed senators, will take immediate occupancy if republicans win the seats and
their numbers go up immediately, and nothing will happen on this. the lame dumb session, people are angry. the american people do not like things jammed down their throat and what this does, with 42 days before election and reid is saying, let me give you another goody. that is a problem. >>neil: patrick, thank you. ♪ ♪ [ male announcer ] every siness day, bank of america lends billions of dollars, to individuals, institutions, schools, organizations and businesses. ♪ working to set opportunity in motion.
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>>neil: democrats handed republican as break, now it is up to republicans to build on it. karl rove says the democrats are going to get out of washington, dc, the republicans will make a lost it and not let go of it. thank you for coming. >>guest: thank you. >>neil: how does this issue play out if they adjourn early? leaving early was not ruled out but republicans would want to capitalize on that. can they? >>guest: they can. they can capitalize in part because between now and the time congress gets out of town the democratic leadership will cause a problem that will add to the public sentiment against the democrats by trying to pass a tax increase.
they are talking about trying to find some kind of a bill that will end part of the tax bush cuts and continue some of this but the american people believe we should not raise fin's -- anyone's taxes right now particularly on small business which is what the democrats in the senate seem to want to do. >>neil: you know the political history better than i. lame duck sessions especially involving last acts before a new majority cops -- comes in, it is devil may care. they don't care. what will stop them from saying, we know the polls are saying one thing, but we don't care. we will go ahead and push this through. >>guest: you mean after the fall election? >>neil: right. say the democrats are humbled. those that are there for the lame duck have to show up and many could be defeated.
they do not care. they are angry and bitter. >>guest: they may in the care but they have two problems: in the house of representatives all democrats with a tough race in 2010 knows they face the prospect of a tough race in 2012 and there are three times as many democrats in the senate in 2012 as republicans and if you are a democrat in montana, north dakota, south dakota, louisiana, nebraska, virginia, to you want to start the campaign by sticking your finger in the eye of the american people? and creating unnecessary controversy back home? there has never been in modern history since we moved to vehicle the president of the united states in inaugurated in january rather than in march, there has never been a lame duck session that has passed controversial legislation because members understand they will be creating a bad impression among the voters and they have to go home and face in two careers. >>neil: there has been a history of congress punting.
if you punt and do not do anything, all the tax rates go up. so you have to do something. >>guest: they could pass a bill in the new year that makes the tax cuts retroactive to the beginning of january. here is the thing. the temperatures are looking incompetent. the president has in bill. he talks about a proposal trying to force the republics into opposing a proposal he has yet to play out in legislation, and the democrats are badly split with a large number, 39 in the house of representatives saying, continue the bush tax cuts; and prominent democrats in the senate saying continue the tax cuts and they cannot pass squat in the next self weeks in the form of tax legislation. this adds to the narrative the president is in koch tenth and -- in competent and they are all trying to raise taxes on on the
american people with a fragile economy. last week there have been 31 polls since last week, the republicans, on senate races and we have seen in west virginia, a man down 16 points at the end july in a new poll is three points ahead, the republican businessman running against the democratic governor. in connecticut, where in the middle of july she was down by 17 points there are new polls indicating she is down by 6 points. she cut the lead of the democrat by two thirds since july. >>neil: so that is good for christine o'donnell if you town by a dozen point, there is hope. >>guest: hope springs eternal. >>neil: she has a more uphill fight because she comes out the gate that way. >>guest: that is the point i made this week: after other candidates like rand paul or sharon angle in nevada won the
primaries and grabbed the imagination of the petroleum, and any moved ahead, christine o'donnell won an upset on tuesday night and we have had two polls after she won the republican nomination, one showing her down by 11 and a new poll today showing her down by 15 points. >>neil: you inferno. thank you veryyou never know. something fishy about environmentalist reaction about there fish. is it about the fish? yellowbook has always been good for business.
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because they have the same makeup at conventional salmon but someone says this sounds "fishy oi.d the salmon grow twice as fast as conventional salmon or twice the side. well, this ain't any salmon no wleart what the government says. you think the f.d.a. is swimming upstream? >>guest: we do not think this is a good idea. first of all, if the salmon are growing larger faster than they are naturally designed to grow, we will probably see the problems that we see with other factory farmed animals such as chickens and pigs who suffer deformities and heart attacks. >>neil: we have not seen that with the salmon. as far as we know, nothing has been modified that would describe it as anything beyond conventional fish? >>guest: the toasts were --
the tests were only done on a dozen fish. >>neil: you are not buying it. >>guest: absolutely. >>neil: a biologist said there could be a necessity because the increasing human population, we need more food and salmon and this is a way do address that. >>guest: we absolutely do have a world hunger problem but this is not the way to address it. right now, we have more than enough food in the world right now to feed the human population but that is not happening because of meat-based lifestyle which salmon and other filibuster are part of that. >>neil: many do not ago kuwait fish with meat. i know you are a vegan. >>guest: of thely, fish are still a big part of the problem. we feed fish food that could be
fed to humans, and we are only getting a small percent back in the follow of edible flesh so not only are we wasting food when we consume animal flesh including fish but in the case of salmon they are usually fed commercial fish. >>neil: you are all for looking out for the salmon. a professor of fisheries at virginia tech says this could be good news for the environment saying native populations risking being tapped out. you protect the native population, you grow the species. >>guest: anyone who cares about animals or the environment should not eat fish. ?eel ?eel i respect >>neil: i respect that but that is not to say those that do are charlie man son. >>guest: most do not realize fish have the same ability to feel pain as a dog or cat.
if people knew that less people would eat fish. >>neil: but a lot of people are going to bed hungry. >>guest: exactly. >>neil: and if you can increase the supply of fish ... without doing genetic harm or risking any genetic defects and you think that is debatable, but i sympathize more with the hungry humans than the salmon. >>guest: but we could feet more -- feed more memorial -- we could feed more people with the food we feed to the fish. >>neil: this is the salmon, a big dude, and the normal conventional salmon buddy. a lot of meat on them. salmon looking at me would feel the same but i am saying only that a lot of-ry people in the
world and a lot of people who need food, and this is a way man has, given the ability, to find a way to get food to them, more food to them. what is wrong with that? >>guest: it will not get as much as if we directly feed them the food we feed to the farm fish. >>neil: but the fish are there. they are multiplying. we made them multiply. we have not fed them anything special. guess guess but -- >>guest: but that could be fed to humans for every pound we feed we only get a fraction back. >>neil: are we on the side of people over fish? >>guest: i am saying we could have more food for the people by not bradying the fish in the first place. >>neil: but you secure the fish population by increasing the fish population. in the end you have more fish safe and more being eaten.
>>guest: but if we stuck to the plant based diets we with have more food to go around. >>neil: and we would have to eat what you eat? >>guest: what i eat is delicious. >>neil: if we could double or triple the population of yodels would you be for that? >>guest: of what? >>neil: thank you. the democrat who wants to stick around town to extend the bush around town to extend the bush tax need 40 copies, obviously collated ♪ wht's going on? when we're crunched for time, brad combines office celebrations with official business. it's about efficiency. [ courier ] we can help. wh you ship with fedex, you can work rht up until the lastinute. it gives you re time to get stuff done. that's a great idea. ♪ i need tspeak with you privately ♪ .
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>>neil: hoyer says democrats are staying in session but the majority leader was careful to
point out not leaving three weeks early. they could leave early which for some is pushing for an extension of the bush tax cuts could pose a problem. ask connecticut democrat who joins me now. congressman, good to have you. what do you make of the talk you could leave town early? >>guest: in the con texts of the tax debate, what we care about is what we do before they expire, before or after is less important than the effect, the economic effect of what happens depending on our choice. i am not concerned about the time but we need to act before they expire. >>neil: edge indicate me in the congressional process. is it more or less likely to happen, the bush tax cuts, in a session like the one we have now or lame duck? >>guest: i have been here defendant months, and i am not expert on these things. >>neil: you know more than me.
>>guest: i don't know how that plays out. no one knows what happens in november. what we do know here, and i point out an economist who runs moody's is well known for writing a report how the stimulus succeeded and keeping a recession from forming. a weeking a they came out with numbers that suggested that the upper end tax cuts alone were they allowed to expire would have a very significant detrimental effect on employment and g.d.p. growth saying 770,000 jobs in the report, if the tax cuts expire. so this is not about rich or poor. but what do we want to do now in the recovery which is hesitant where we have risk of a double dip. there are arguments of fairness, arguments of fiscal responsibility. those are good arguments. >>neil: now is not the time,
right? >>guest: right, not the time to roll the dice on 770,000 jobs lost. >>neil: on this issue, do you believe congress will take action on the bush tax cuts before the midterm elections and 22 percent think you will; but 74 percent say you will not. so, what do you make of that? >>guest: well, one way or another we will take a decision. either do nothing, and all the tax cuts expire which is economically devastating to this country because then the middle class tax cuts expire. or we will act to allow some to expire or extend them all. the point is the economics are clear on this. whether it happens before or after the election the key is something happen to extend this so we do not lose out. >>neil: if you had to choose between extending all the tax cuts or just the ones on the middle-class because that is all
you could get what would you choose? >>guest: it is clear: not extending the middle class tax cuts under $250,000 is catastrophic. >>neil: you are not in the all or nothing. >>guest: the "nothing" argument is nothing shy of crazy given where we are economically. can you imagine raising the tax on middle class households at this time? that should not be on the table. >>neil: even if the rich went up? >>guest: we will take what we can get. i am clear on where i am and hope we do the right thing. stay tuned.
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